Nike Inc NKE has patterned with Apple Inc. AAPL to create a new version of the Apple Watch. The new Apple Watch Nike+ product marks Nike’s reentry into the wearables industry, Barclays’ Matthew McClintock mentioned in a report. He maintained an Overweight rating on the company, with a price target of $75.
The two companies have a history of collaboration, with the earliest version of the Apple Watch integrating the Nike+ running app.
Reentry Into Wearables
In 2014, Nike had announced its exit from the wearables space, with the discontinuation of its Nike+ Fuel Band. The recently-announced Apple Watch Nike+ product marks Nike's reentry into this space.
The product would be available in late October and would be priced at $369. “We continue to believe the wearables industry is sustainable longer term and every incremental innovative product put out will only attract more consumer interest and engagement,” McClintock commented.
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